While Bitcoin’s price appears to be stagnant in the short term, there are several altcoins that could potentially surprise traders with significant upside moves. TON, RNDR, PEPE, and AR are among those to watch closely for potential bullish movements.
Bitcoin struggled to maintain its recent recovery, indicating that bearish sentiment persists and rallies are being used as selling opportunities. With a potential weekly loss exceeding 4%, the longer Bitcoin hovers around $60,000, the higher the likelihood of a downward breakout.
Nevertheless, analysts maintain a bullish outlook on Bitcoin’s price trajectory during the post-halving cycle. Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, predicts that Bitcoin could surge to anywhere between $175,000 and $350,000 within the next 9 months. However, Peterson also warned in a recent post that this bull market could conclude by January 2025.
Despite Bitcoin’s sideways movement, some traditional finance companies are embracing the cryptocurrency. JPMorgan Chase and Wells Fargo recently disclosed their exposure to spot Bitcoin exchange-traded funds in filings with the United States Securities and Exchange Commission on May 10. While their Bitcoin allocations are currently small, this move signifies a positive step forward in mainstream adoption.
With Bitcoin’s price range-bound, attention may shift towards altcoins. Let’s examine the top 5 cryptocurrencies showing promise on the charts.
Bitcoin price analysis
The bulls have successfully defended the $59,600 level in Bitcoin but failed to push the price above the 20-day exponential moving average ($62,650). This shows an intense battle between the bulls and the bears.
The BTC/USDT pair currently faces downward pressure, as indicated by the downsloping 20-day EMA and the RSI in negative territory. Should the key support level at $59,600 give way, the pair may retest the May 1 intraday low of $56,552. This level is anticipated to attract buyers, but a breach could lead to a further decline towards the 61.8% Fibonacci retracement level at $54,298.
Trade BTC/USDT on FMCPAY Exchange
To prevent further downside, bulls need to push the price above the 20-day EMA and sustain it. If successful, the pair could target $67,250. A decisive move above this level is crucial for initiating a rally towards $73,777.
The 20-EMA on the 4-hour chart is flattening out, and the RSI is near the midpoint, indicating that the selling pressure is reducing. The crucial support to watch on the downside is $59,600. If this level is breached, the selling may pick up, and the pair could plunge to $56,552.
Contrarily, if the price rises above the 50-simple moving average, it will suggest that the bulls are attempting a comeback. The pair may rise to $63,500 and later to $65,500. A break above this resistance will signal that the bears may be losing their grip.
Toncoin price analysis
Toncoin (TON) has been attempting to rise above the immediate resistance of $7.23, but the bears are holding their ground.
A minor positive in favor of the bulls is that they have not allowed the price to slip much below $7.23. This enhances the prospects of a break above $7.23. If that happens, the TON/USDT pair could challenge the resistance at $7.67.
The essential support to watch on the downside is the moving averages. A break and close below this support will suggest that the pair may consolidate between $4.72 and $7.67 for a few days.
Both moving averages are sloping up, and the RSI is near the overbought territory on the 4-hour chart, indicating that the bulls have the upper hand. Buyers will try to strengthen their position further by pushing the price above $7.23.
On the contrary, the bears will try to yank the price below the 20-EMA. If they do that, it will suggest that the bears are aggressively defending the overhead resistance. The pair may then slump to the 50-SMA.
Render price analysis
Render (RNDR) broke above the moving averages on May 5, signaling that the corrective phase may be ending.
The bears are trying to stall the recovery near the overhead resistance of $12, but the bulls have not ceded much ground. This suggests that the dips are being purchased. The moving averages have completed a bullish crossover, and the RSI is in the positive zone, indicating that the bulls are in control.
If the price turns up from the current level or rebounds off the 20-day EMA ($9.59), it will increase the likelihood of a rally above $12. The RNDR/USDT pair may then climb to $13.83. This optimistic view will be invalidated in the near term if the price turns down and breaks below the moving averages.
The bears are trying to sink the pair below the 20-EMA. If they succeed, the short-term bullish momentum will weaken, and the pair may plunge to the 50-SMA. This level could attract buyers but the bounce may face selling at the 20-EMA. If the 50-SMA cracks, the next stop is likely to be $9.50.
If buyers want to maintain their hold, they will have to defend the 20-EMA and kick the price above the $12 resistance.
Pepe price analysis
Pepe has steadily recovered in the past few days, indicating sustained buying at lower levels.
The price action has formed an inverse head-and-shoulders pattern that will complete on a break and close above $0.0000092. If buyers maintain the price above the neckline, the PEPE/USDT pair could resume its uptrend. The pattern target of the bullish setup is $0.0000145.
Trade PEPE/USDT on FMCPAY Exchange
The moving averages are likely to act as a strong support during pullbacks. If the price rebounds off the moving averages, it will suggest that the sentiment remains positive and traders are buying the dips. The trend will turn negative in the near term if the $0.0000060 support cracks.
The 4-hour chart shows the pair is taking support at the moving averages, indicating that the bulls are fiercely defending the level. Buyers will need to overcome the overhead obstacle at $0.0000092 to gain the upper hand.
If the price turns lower and breaks below the moving averages, it will suggest that the bears are back in the game. The price could then slide to the critical support at $0.0000076, which is likely to witness strong buying by the bulls.
Arweave price analysis
Arweave (AR) has been gradually climbing higher in the past few days, indicating solid demand from the bulls.
The upsloping 20-day EMA ($36) and the RSI above 61 suggest that the bulls have the edge. The AR/USDT pair could reach the overhead resistance of $47.51, an important level to watch out for. If bulls thrust the price above this resistance, the pair is likely to accelerate toward $52 and then $68.
This positive view will be invalidated in the near term if the pair turns down and breaks below the moving averages. That could pull the pair to $26.50.
The 4-hour chart shows that the pair is taking support at the 50-SMA during pullbacks. Buyers will try to push the price to $45 and later to $47.51. Sellers are expected to defend this zone with vigor because if they fail in their endeavor, the bullish momentum could pick up.
The 50-SMA is the support to watch out for on the downside. If this level breaks down, the pair could plummet to $36 and next to $34. The price may rebound off this zone but is likely to face selling at the 20-EMA.